Tag Archives: tila

The answer is NO for just about everybody. By Jeff Sorg, OnlineEd Blog PORTLAND, Ore. (September 21, 2015) – Download our free informational poster for display or handout in your real estate office. Three things can require a 3-day delay in your closings: .PDF Version, .JPG Version ### For more information about OnlineEd and their education for real […]

Special Information Booklet (Part 5 of 5) (Jeff Sorg, OnlineEd) – A creditor must provide the special information booklet, specifically the RESPA Settlement Costs Booklet, to the consumer who applies for a consumer credit transaction secured by real property no later than three business days after receiving the consumer’s loan application. The booklet does not have […]

Curing Tolerances (Part 4 of 5) (Jeff Sorg, OnlineEd) – On the Loan Estimate, certain charges are not subject to a tolerance limitation. This means that the amount charged the consumer may exceed the amount disclosed on the Loan Estimate by any amount. Examples of these charges are: Prepaid interest, property insurance premiums, amounts placed into escrow, […]

(Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau has issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures, or TRID, to October 3, 2015. The final rule issued today also includes technical corrections to two provisions of the Know Before You […]

The New Closing Disclosure Form (Part 3 of 5) (Jeff Sorg, OnlineEd) – The Closing Disclosure integrates and replaces the final Truth-in-Lending disclosures and the RESPA HUD-1. In general, the Closing Disclosure sets forth the actual terms and costs of the transaction. The Closing Disclosure must be in writing and contain all of the information required. In […]

The New Loan Estimate Form (Part 2 of 5) (Jeff Sorg, OnlineEd) – The Loan Estimate is a three-page form that replaces the initial Truth-in-Lending disclosure and the RESPA Good Faith Estimate (GFE). The purpose of this new form is to provide consumers with a good faith estimate of credit costs and transaction terms in simple […]

The Consumer Financial Protection Bureau is requiring the use of a new TILA-RESPA integrated disclosure as of October 3, 2015 (Part 1 of 5) (Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau (CFPB) is requiring the use of a new TILA-RESPA integrated disclosure as of October 3, 2015. In 2012, the Dodd-Frank Wall Street […]

(Jeff Sorg, OnlineEd) – NAR President Chris Polychron, recently cautioned that closings for some home sales could drag after October 3, 2015as the real estate industry transitions to the new closing procedures required by the Consumer Financial Protection Bureau’s integrated disclosure rule. “There likely will be bumps in the closing process while all parties get used to the […]

(Jeff Sorg, OnlineEd) – Changes required by the Consumer Financial Protection Bureau are coming to the real estate and mortgage industry on August 1, 2015 that real estate brokers need to know about. These changes involve four forms with which you are all very familiar. These four forms are: 1. The Truth In Lending Act’s “Truth In […]

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